Plans massive, paths obscured
A new national budget of Tk250,506 crore for the fiscal year 2014-15 starting in July was placed in the parliament yesterday, aiming to accelerate the country’s economic growth at a pace it would gradually reach 10% in 2021.
Finance Minister AMA Muhith in his budget speech said this budget is a continuation of the government’s plan taken earlier in the previous 5-year term with the vision to transform Bangladesh into a middle income country. Read more.
Zia’s identity now seems key to solving N’ganj 7-murder case
Lt Commander (retd) MM Rana, a former RAB 11 official from the navy, who lost his job after the seven murders in Narayanganj, has revealed in his confessional statement that the crime had been committed on the instruction of the force’s high official named Zia.
Md Sakhawat Hossain Khan, chief of the local lawyers’ association, told this to journalists based on information he gathered from different sources about the statement. Read more.
Gold, mobile set, LED bulb to get costlier
Gold, LPG gas cylinders, mobile handsets, LED bulbs and tube lights will witness a hike as Finance Minister AMA Muhith yesterday proposed imposing more duty on them while placing the budget for the next fiscal year.
The finance minister had proposed raising duty on gold import from Tk150 to Tk3,000 per 11.664gm, a 20 times hike. Read more.
Digital services to get costlier
The proposed budget is going to cost the cellphone users as the finance minister has proposed to hike 5% Value Added Tax from the previous 10% on mobile handset import and introduce Tk100 as tax on per SIM replacement.
On the other hand the budget failed to come up to the expectations of mobile phone operators that had long been demanding reduction in corporate taxes. Read more.
Power, energy get reduced subsidy
The government has reduced subsidy allocation for the power and energy sectors by 30% in the proposed budget for the FY2014-15.
The amount is Tk9,400 crore against Tk13,450 crore in the FY2013-14. Read more.
Prices of tobacco, luxury transport to increase
Finance Minister AMA Muhith has placed the annual budget proposal of around Tk250,506 crore taka for 2014-15 fiscal year on Thursday afternoon.
In the budget, Muhith proposed increase of value added taxes on a number of products and services. Read more.
Tk100 tax for SIM card replacement
Consumers will have to pay Tk100 as fixed tax for getting back SIM cards again if
lost or damaged due to careless, negligence handling or other reasons. Read more.
Higher tax for high earners
Finance Minister AMA Muhith in the budget for 2014-15 financial year proposed higher tax rate for high earners.
In the budget, he proposed 30 percent tax for an annual income of Tk44.2 lakh or more instead of the existing 15%. Read more.
‘New DAP to be completed by FY2014-15’
As part of the country’s urban development plan, the government aims to complete the new Detailed Area Plan (DAP) of Dhaka by fiscal 2014-15.
Besides, it has allocated Tk2059.46 crore for the Ministry of Housing and Public Works in the proposed 2014-15 budget. Read more.
Muhith: Effective measures to be taken to reduce interest rate
Finance Minister Abul Maal Abdul Muhith has assured the countrymen of undertaking an effective measure to reduce the bank’s interest rates for increasing private sector credit flows, which will eventually improve the overall investment climate.
The minister, however, did not elaborate how the bank’s interest rates would be reduced while placing the budget proposal for the next fiscal in parliament yesterday. Read more.
Political uncertainty to inclusive growth?
The first trade-off is so tricky that politicians and researchers are both carefully burying their choices in vague words. Since the restoration of democracy in 1990, we have unknowingly established a trend where the economy slows down before the election amid political transition and uncertainty, and then takes an upturn soon after the election. Read more.
Cheque payment must for house rent over Tk 25000
In the budget for the 2014-15 financial year, Finance Minister AMA Muhith proposed that the house rent over Tk25,000 a month should be paid through bank cheques.
The rent will include the service charges related to the rental property. Read more.
Budget spells out strategy for mid-income country
The country’s GDP growth is estimated to reach 10% in 2021 as Finance Minister AMA Muhith yesterday spelt out a strategy to transform Bangladesh into a middle income country by this time.
In continuation of the government’s past strategy, it would attach priority to the power, gas and port development, he said placing the budget for the next fiscal year in parliament. Read more.
Green Tax on cards
The government is going to impose environment protection surcharge or the green tax to save the country’s environment and biodiversity from the industrial pollution.
Finance Minister AMA Muhith yesterday proposed one percent ‘Environment Protection Surcharge’ on ad valorem basis on all kinds of products manufactured in Bangladesh by the industries which pollute the environment. Read more.
BNP: Budget illegal and immoral
Branding the incumbent Awami League government illegitimate, the BNP yesterday said the government had no right to place budget in the parliament as there was no representation of people in parliament.
“It is not possible to brand this government legal. The parliament is also illegal. Placing the budget in parliament when they were not elected by people’s votes is completely illegal and immoral,” said Mirza Fakhrul Islam Alamgir, acting secretary-general of the party. Read more.
Husband tortures his wife to death in Chittagong
A bus driver allegedly tortured his wife to death at his residence in Chittagong city’s Shulokbohor area early yesterday over conjugal disputes.
Police detained the alleged killer husband Sirajul Islam and his so-called sister Jaheda in this connection, said police sources. Read more.
Egypt prosecutors demand ‘maximum’ jail term for Jazeera reporters
Egyptian prosecutors on Thursday demanded the “maximum” penalty, ranging from 15 to 25 years in jail, for all 20 defendants in the trial of Al-Jazeera journalists accused of aiding the blacklisted Muslim Brotherhood.
Australian journalist Peter Greste and two other detained reporters with Qatar-based Al-Jazeera English are among the accused, in a trial that has triggered international outrage amid growing fears of media restrictions in Egypt. Read more.
Uncapped Mithun, Taskin called up
Uncapped youngsters Mithun Ali and Taskin Ahmed have been included for the three-match ODI series against India beginning from June 15 at Mirpur as the Bangladesh Cricket Board announced a 15-member squad yesterday. Read more.
